Board, Budget, Policies and More

Budget

I. POLICY

Annual budget preparation by the Arapahoe Library District will follow all statutory requirements as stipulated in the Colorado Local Government Budget Law, Section 29-1-101 et seq., C.R.S. The budget, or financial plan, of the District will also be compiled to include recommended GAAP (Generally Accepted Accounting Principles) and GASB (Governmental Accounting Standards Board) standards for budget preparation and presentation.

A Strategic Plan will be developed in each fiscal year, consisting of objectives, strategies and tactics to be used as a guide in the development of the annual budget. It is based on the needs of the community and recommendations from the staff and the Board of Trustees on how best to meet those needs.

It is the intent of the Board to maintain a fund balance of approximately two months of non-capital general fund operating expenditures. This is necessary to pay for operating expenses incurred before tax payments are received from the counties each year.

II. SCOPE

This policy is applicable to all funds, departments and financial functions of the District.

III. RESPONSIBILITIES

1. The Board of Trustees will be responsible for the annual adoption and appropriation of the budget and certification of the mill levy in accordance with the time frame requirements as mandated by Statute. The Board of Trustees will also be responsible for the adoption of the Strategic Plan.

2. The Finance Office will be responsible for distribution of budgetary materials, compilation of budgeted requests, preparation of revenue estimates, and final preparation and distribution of materials necessary to comply with Statute.

3. The Directors will be responsible for reviewing and making recommendations for budgetary submissions and adjustments for their departments, and ensuring budgetary compliance with the strategic and long-range financial projections.